PIDI’s 4Q earnings were 10-12% below our and the Street’s estimates due to sharp deceleration in volume growth (India CBP volume/mix growth down to 4% in 4Q from 15% in 9MFY19), partly offset by better-than-estimated reco

$1.3-bn deal with Xerox continues momentum in large deals; to be reflected in revenues in FY20e; ‘Add’ rating maintained

We find limited pockets of value in the Indian market with only a few ‘corporate’ banks and NBFCs and most PSU stocks offering meaningful value. We expect potential further re-rating of the ‘corporate’ banks as and wh